Sveiki,
Victoria from Techpoint here,
Here's what I've got for you today:
- MultiChoice Nigeria loses 243K users in 5 months
- Billion dreams & exit strategies
- Chrome on iOS now supports image and text search
MultiChoice Nigeria loses 243K users in 5 months
South African pay-TV giant MultiChoice has revealed a big subscriber drop, with its Nigerian unit losing 243,000 DStv and GOtv users from April to September this year. The company shared this update in its latest financial report for the period ending September 30, 2024.
So, why the sharp drop? MultiChoice says it’s mostly due to skyrocketing inflation in Nigeria, which is now over 30% and driven by high food, electricity, and fuel costs. Many people are simply cutting back on non-essential expenses, including TV subscriptions.
This isn’t the first subscriber hit for MultiChoice Nigeria either. Back in March 2024, the company reported a steep 18% loss in its Nigerian customer base for the previous year, although specific numbers weren’t shared at the time.
Overall, MultiChoice's "Rest of Africa" division, which includes countries outside of South Africa, has had a tough time, losing 566,000 subscribers in the same period. Nigeria and Zambia were the main drivers of this drop, with Zambia alone losing 298,000 subscribers due to drought-driven power outages, some lasting up to 23 hours a day.
MultiChoice’s CEO, Calvo Mawela, says these are the toughest operating conditions the company has faced in nearly 40 years. To adapt, the company is “right-sizing” to better match today’s economic and industry landscape.
Mawela pointed out that the recent currency instability across Africa has dented their gains by nearly R7 billion, prompting some deep cuts to balance the books.
Give it a try, you can unsubscribe anytime. Privacy Policy.
However, he’s optimistic, noting that MultiChoice expects to reach a positive net equity position by November, thanks to various initiatives and a solid liquidity buffer of over R10 billion.
As for the streaming wars, MultiChoice is feeling the pressure from global streaming services and changing viewer habits. Mawela highlighted Showmax’s 50% year-on-year growth, positioning it as the company’s answer to the rise of streaming across Africa. To support Showmax’s expansion, MultiChoice invested an additional ZAR1.6 billion in the service over the past six months.
In short, MultiChoice is navigating serious economic headwinds and competitive pressure, but it’s adjusting its approach with cost-cutting, a Showmax push, and a renewed focus on resilience in challenging markets.
Billion dreams & exit strategies
As Africa's tech scene matures, M&As are moving into the spotlight, and exits are becoming the name of the game. Ventures Platform’s Managing Partner, Dotun Olowoporoku, breaks down how startup founders can find that sweet spot between building massive businesses and creating exit opportunities for investors.
For Dotun, founders should approach their journey like an experiment guided by data.
"When you start a company, you need to be confident that it can hit that hundred-million-dollar revenue mark. That’s why VCs get behind you. But as you go along, the market might show you something different—maybe the space is smaller than expected, or the competition’s fiercer."
Sometimes the best path forward might mean integrating with a larger company to create that billion-dollar impact. This data-driven flexibility, paired with self-awareness and honest conversations with investors, can lead founders to consider pivoting in ways that still benefit everyone. It’s not just about changing the product; it’s about adapting how you run and scale the business.
Want more insights from Dotun on the M&A game and building investor-friendly businesses? Catch all the details in Chimgozirim’s latest.
Chrome on iOS now supports image and text search
Google is rolling out some handy new features for Chrome on iOS, adding smarter search options, easy saves, and helpful shopping tools. Now, you can search with both images and text directly within Chrome — no need to jump to Google Lens.
For example, if you snap a photo of a chair, you can add “blue” to search for similar chairs in that color. Or, if you take a picture of a book cover, you could add “summary” to find more info or reviews about that specific title.
Apple is also introducing its own Visual Intelligence tool with the iPhone 16, which combines image search with text recognition—similar to Google’s new update.
Google’s also making it easier to save space on your iPhone by letting you save files and photos straight from Chrome to Google Drive or Google Photos. When saving a file, you can choose “Google Drive” and it’ll go to a “Saved from Chrome” folder, or you can long-press a photo to send it straight to Google Photos.
Chrome’s shopping update, “Shopping Insights,” will show you a “Good Deal Now” badge if you’re getting a solid price, complete with price history and other buying options. And soon, addresses will be interactive—just tap an address in Chrome to get a quick mini-map, making it simpler to check out locations without leaving your browser.
In case you missed them
- Beacon Power gets Series A funding from Partech to expand into Eastern and Northern Africa
- 21-year-old Nigerian founders turn to hardware after building acquired and funded software startups
What I'm watching
- The Benefit of a Mental Breakdown - Joe Rogan & Duncan Trussell
- The Man Who Saw The Future
Opportunities
- Paystack is hiring for multiple senior positions. Apply here.
- Moniepoint is hiring for various roles in the UK and Lagos. Apply here.
- Interswitch is looking for a Senior Backend Engineer. Apply here.
- Flutterwave is hiring for several roles in African countries, including Nigeria and Zambia, and the UK. Apply here.
- Looking for an internship or remote role? Here's a list of 1,500+ opportunities in different fields (tech, finance, marketing, health and more). Check it out here.
- Follow Techpoint Africa's WhatsApp channel to stay on top of the latest trends and news in the African tech space here.
Have a wonderful Wednesday!
Victoria Fakiya for Techpoint Africa.
